International Wastewater Systems Inc. Completes RTO
VANCOUVER, BC – International Wastewater Systems Inc. (formerly Amana Copper Ltd.) (the “Company”) is pleased to announce that the Company has completed the acquisition (the “Transaction”) of International Wastewater Heat Exchange Systems Inc. (“IWHES”) pursuant to a share exchange agreement dated September 4, 2015 (the “Agreement”). The Transaction constituted a reverse takeover and a fundamental change under the policies of the Canadian Securities Exchange (“CSE”).
IWHES is a world leader in state-of-the-art wastewater heat exchange systems. Using direct heat exchange from untreated wastewater, IWHES technology provides the most energyefficient, cost-effective and environmentally-friendly solutions for heating, cooling and hot water for any building.
Pursuant to the terms of the Agreement, the Company issued to IWHES’ shareholders a total of 45,000,000 common shares in the capital of the Company (the “Common Shares”). The Common Shares issued to IWHES’ shareholders are subject to escrow as required by applicable securities laws and CSE requirements.
In connection with the Transaction, IWHES also acquired shares of IWWS (UK) Limited, a subsidiary of IWHES, from minority shareholders, such that IWWS (UK) Limited is now wholly-owned by IWHES. In consideration for the minority interests in IWWS (UK), the Company has issued an aggregate of 2,000,000 Common Shares, 500,000 options to purchase Common Shares for a period of five years at an exercise price of $0.42, and may grant up to an additional 2,000,000 Common Shares upon IWWS (UK) Limited achieving certain future financial milestones.
Appointment of Directors and Officers
In connection with the Transaction, the Company is pleased to announce the appointments of Mr. Lynn Mueller, Mr. Mark McCooey, and Mr. Paul Lee to the board of directors of the Company.
Mr. Lynn Mueller has also been appointed Chairman and Chief Executive Officer of the Company and Mr. Yaron Conforti remains as the Company’s Chief Financial Officer and a Director.
Lynn Mueller, Chairman, Chief Executive Officer and Director
Mr. Lynn Mueller is the co-founder and serves as Chief Executive Officer of International Wastewater Heat Exchange Systems Inc. Mr. Mueller has over 25 years of experience with energy efficiency and renewable energy systems. He has served as president of WaterFurnace Canada and WaterFurnace International and founded Pacific Geo-Exchange Inc. and Earth Source Energy Inc..
Paul Lee, Director
Mr. Paul Lee is the President and CEO of Lee Energy Systems, an oilfield tool company. From 1990-2010 Mr. Lee was President and CEO of DSI Industries. Mr. Lee has extensive experience in the innovation, development and commercialization of products in the oilfield services sector.
Mark McCooey, Director
Mr. Mark McCooey, CGA, has been the Chief Executive Officer and Chief Financial Officer of SEI Industries for over 25 years. SEI is a world leader in the design, engineering and manufacturing of products from innovative industrial fabrics. Mr. McCooey has acted as a senior executive and board member for a number of private and public companies in the areas of renewable energy and sustainable development.
Name Change and New Trading Symbol
In connection with the Transaction, the Company changed its name to International Wastewater Systems Inc. and its trading symbol to IWS (formerly “AMA”) to reflect the Company’s new business. Additional information on the Transaction and the business of IWHES is provided in the Company’s CSE Form 2A Listing Statement which is available under the Company’s SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD
Chief Financial Officer and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Yaron Conforti, CFO at (416) 716-8181
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forwardlooking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.